Skip to comments.Bolivia may seize South American Silver embattled silver project
Posted on 07/09/2012 4:04:04 PM PDT by DeaconBenjamin
Bolivia will consider nationalizing Canadian miner South American Silver Corp's silver property, President Evo Morales said on Sundayt.
Leftist Morales, who last month seized Glencore's tin and zinc mine in Bolivia, said he hadn't taken a final decision.
"Nationalization is our obligation, I already raised the issue of nationalizing (the project) last year, and I told (local residents) to reach an agreement, because when they want we're going to nationalize," Morales told a farmers' gathering.
Exploration work, in which South American Silver plans to invest some $50 million, is expected to end within three years. The company describes it as "one of the world's largest undeveloped silver, indium and gallium deposits."
Mining is also coming under fire in neighboring Chile and Peru, where many citizens feel they haven't profited from a metals-led economic boom.
Bolivian peasant farmers over the weekend released five local South American Silver workers, who had been held to demand the company leave.
Three of the hostages were freed on Saturday in a police operation and the other two were released on Sunday afternoon, sources said. A police officer held hostage since Thursday was also freed.
The Erbol radio network said the engineers freed on Sunday were ordered to complete "a community punishment" of making 1,000 adobe bricks in under 30 days, the network said.
(Excerpt) Read more at in.reuters.com ...
If evo keep this up he’s going to make owebama very, very jealous.
Please invest your money locating the ore so we can seize it without paying you.
These guys are financial geniuses, I tell you.
Hopefully, something akin to small pox will ravage the local population.
Don’t blame the locals. They share some blame for not educating themselves, but the power Leftists keep them ignorant and dependent in order to keep themselves in power.
Communism. They’ve caught communism. Its incurable.
Sieze the mine. That’s exactly what Francisco D’Anconia wants them to do. (I wish it were like that.)
Evo needs to make the mistake of doing something across the border, then Chile will get some nice live fire practice with all those F-16’s they park at Antofagasta.
If Bolivia keeps driving out the miners the Chileanos could just take the good mining areas like they did back when Bolivia and Peru thought they could push Chile out of the good potasium nitrate mining areas in Northern Atacama.
A couple years back Evo threatened to seize a Brazillian project and Brazil delivered an ultimatum to him advising him of Brazil’s intent to wage war over the matter. Canada, of course, has no such options.
“Communism. Theyve caught communism. Its incurable.”
Well no it isn’t but it does require bloodshed by people who wish to be free and it really matters not on the level of their education, just the desire.
A crafty mining company could solve this problem easily enough, in all sorts of entertaining ways. If the mines are shaft mines, some judiciously placed explosive charges could make them utterly useless to any but a serious mining company.
Why would South American Silver invest another $50 million for exploration work when they are being threatened with nationalization? That doesn’t make sense.
They already seized D’Anconia Copper, right?
Canada is a safe bet as they cannot afford to destroy their natural resources income like the U.S.
You can never truly own property in Latin America ... only rent.
Canadian leftists negotiating with Bolivian leftists...
Screw them both...